00:04And it's, I think you were saying this is probably the biggest deal ever reached in any capacity, trade or beyond trade.
00:12It is.
00:13It's a giant deal with lots of countries, because as you know, Ursula represents a lot of countries, not one country.
00:21It's not easy for you, because a lot of very different countries, great countries, but some are strong with cars, some are strong with agriculture.
00:30Some are strong with both, right?
00:31You have a lot of different factors.
00:34So we're going to do the following.
00:36The European Union is going to agree to purchase from the United States $750 billion worth of energy, $750 billion worth of energy.
00:55They are going to agree to invest into the United States $600 billion more than they're investing already.
01:09So they're investing a large amount of money.
01:13You know what that amount of money is.
01:15It's very substantial.
01:16But they're going to invest an additional $600 billion.
01:22They're agreeing to open up their countries to trade at zero tariff.
01:29So that's a very big factor, opening up their countries.
01:34All of the countries will be opened up to trade with the United States at zero tariff.
01:38And they're agreeing to purchase a vast amount of military equipment.
01:44We don't know what that number is, but it's the good news is we make the best military equipment in the world.
01:50So sort of you have to do that.
01:52I mean, till somebody tops us, which is not going to happen.
01:54We're way ahead of every other country in terms of the quality of the military equipment.
01:59You saw that recently in Iran and you see that, unfortunately, you see that often for all the wrong reasons, right?
02:09So those things are $750 billion, $600 billion opening up the country.
02:16We are agreeing that the tariff straight across for automobiles and everything else will be a straight across tariff of 15%.
02:30So we have a tariff of 15%.
02:34We have the opening up of all of the European countries, which I think I could say were essentially closed.
02:42I mean, you weren't exactly taking our autos, you weren't exactly taking our agriculture, and then you would have smaller things.
02:50But for the most part, it was closed.
02:52And now it's open.
02:55It's open for our companies to go in and do a good job with it.
02:58I think you'll like them.
02:59I think you'll like it.
03:01And we will, very importantly, they'll be investing a lot of money.
03:05But the military is a big number, but that's one number we're not determining.
03:09It's going to be whatever it is, but they're going to be purchasing hundreds of billions of dollars worth of military equipment.
03:17They're very important.
03:19They're going to purchase $750 billion worth of energy.
03:27So that's going to be great.
03:29And $600 billion worth of investments into the United States over and above what they have.
03:35So and I think that basically concludes the deal.
03:38I mean, those are the main factors.
03:40I don't think there are too many other factors other than we're going to get along great.
03:45And we have a great relationship now with NATO, which is largely the same.
03:50I mean, not exactly, but pretty close, right?
03:53Largely.
03:54And with NATO, as you know, they're going up to 5% from 2%, and the relationship is very strong with NATO.
04:03So I just want to congratulate you.
04:05I think it's great that we made a deal today instead of playing games and maybe not making a deal at all.
04:13I think it's, I'm going to let you say, but I think it's the biggest deal ever made.
04:18Thank you very much.
04:18We have a deal.
04:29We have a trade deal between the two largest economies in the world.
04:34And it's a big deal.
04:35It's a huge deal.
04:37It will bring stability.
04:39It will bring predictability.
04:41That's very important for our businesses on both sides of the Atlantic.
04:45It's 15% tariffs across the board, all inclusive.
04:51The investments, Mr. President just described, that are going to go to the United States and the purchases over there.
04:59Indeed, basically, the European market is open.
05:03It's 450 million people.
05:05So it's a good deal.
05:09It's a huge deal.
05:11It was tough negotiations.
05:13I knew it at the beginning, and it was indeed very tough.
05:16But we came to good conclusions for both sides.
05:19So, again, congratulations and many thanks.
05:22Thank you very much.
05:23Do you have any questions, please?
05:29How did we come to a deal so quickly?
05:31Did your opinion come very good?
05:33I think we both wanted to make a deal.
05:37You know, you said something that is very important.
05:39It's going to bring us closer together.
05:41I think this deal will bring us very close together, actually.
05:44Sort of.
05:46It's a partnership in a sense.
05:48But it's a very good point, and it's something that's very important.
05:53But was there one issue that we needed to get rid of the firm?
05:56One.
05:56No.
05:57We had four or five.
05:59No, no.
05:59Not pharmaceuticals.
06:01I mean, we're going to be, as you know, a lot of companies are coming into the U.S.,
06:04and that's unrelated to this deal.
06:06But it's, I think we, you know, this didn't just start today.
06:12We had a meeting.
06:14I wasn't sure.
06:15I said 50-50.
06:16I think you probably felt the same thing.
06:19But this started months ago, this negotiation.
06:23So we knew pretty much what we were getting into,
06:26and we were able to make a deal that's very satisfactory to both sides.
06:30So it's very, it's tremendously, it's a very powerful deal.
06:35It's a very big deal.
06:36It's the biggest of all the deals.
06:38It will be the biggest of all the deals.
06:40So we're very honored to have done so.
06:42And your staff has been fantastic, and they've worked together very long and hard.
06:48They worked hard and long, and many thanks to the teams on both sides.
06:52It was, as I said at the beginning, a heavy lifting you had to do.
06:57But many thanks also for the talks we had many times on the way to our goal.
07:05And now we made it.
07:08And that's good.
07:08We made it.
07:09That's really good.
07:10We made it.
07:11Anybody else?
07:13Yes, ma'am.
07:13I have a question for the EU, Commissioner, President.
07:16What are the U.S. concessions?
07:19What is the U.S. giving up in the deal?
07:20So, as we, the starting point was an imbalance, a surplus on our side and a deficit on the U.S. side.
07:28And we wanted to rebalance the trade relation, and we wanted to do it in a way that trade goes on between the two of us across the Atlantic.
07:38Because the two biggest economies should have a good trade flow between us.
07:44And I think we hit exactly the point we wanted to find.
07:48Rebalance, but enable trade on both sides, which means good jobs on both sides of the Atlantic, means prosperity on both sides of the Atlantic.
07:57And that was important for us.
08:00And, again, the energy is a very important component because we have more energy than anybody else in that sense.
08:07And I think it was very wise that they buy a lot of energy, and it's great stuff, and it solves a lot of problems.
08:18So, that was a great decision, I think.
08:22What about the steel?
08:24What are you going to do?
08:26When what?
08:26Steel.
08:27Steel is staying the way it is.
08:29The steel and aluminum, et cetera, et cetera.
08:32That's a worldwide thing.
08:35That stays the way it is.
08:37We have chips.
08:38Did you just guess that was part of the agreement?
08:40Chips.
08:42Chips is, Howard, you might want to describe the chips, please, if you would.
08:47Well, the expectation is in two weeks' time we're going to come out with our chips 232.
08:56And that was one of the key reasons that the European Union came to talk to the president to try to resolve all things at one time.
09:07And, well, I'll let you wait for the two weeks until you get to announce your plan.
09:11But we are going to be bringing chip manufacturing back to the United States of America.
09:17We'll be doing a lot of chips.
09:19A lot of companies are coming in from Taiwan and from other places into the U.S.
09:24And they're doing that in order to avoid tariffs.
09:28And the president really avoided the tariffs in a better way for them, much better way, much more conclusive.
09:38I think probably much more profitable, definitely much more profitable and got a lot of benefit from it.
09:45So it was a very interesting negotiation.
09:48It was I think it's going to be great for both both parties.
09:52I really I think you I think your various countries are very happy about this.
09:56Is there an industry in the U.S. that you see having the first impact of getting into this market that was not accessible before?
10:05What's the first call you made?
10:07Yeah, I think cars cars basically were not invited.
10:12We're not I don't know if the word is not allowed or just you know, you just kept around somehow.
10:17Right. But cars will be you know, we have some cars that do terrific business and very we do really well with the
10:26pickup trucks with the SUVs we do.
10:30We have some great things.
10:32And I think the people of Europe will have some diversification.
10:38I think that'll make them happy.
10:41So I think maybe cars would be the one that would go the biggest.
10:46And the second would be agriculture, the farmers.
10:48And we'll do it in very strict conjunction with with the president and the European Union.
10:56And they're coming into likewise, they're coming into our country with great vigor.
11:02And I think I think they're going to I think they're going to make a lot of money with this.
11:08I think everybody is.
11:09I think it and again, it's going to bring a lot of unity and friendship.
11:13It it's going to work out really well.
11:17OK, say it.
11:20What's the next deal you're focused on now?
11:24That's an interesting question.
11:25This is the big one.
11:26This is the biggest of them all.
11:28We're looking at deals with three or four other countries.
11:32But for the most part, you know, I can't get them to understand that it's the letter.
11:36We just sent that letter.
11:37And that letter is, you know, very universal for most.
11:40I mean, most you wouldn't be able to do this.
11:42You know, you wouldn't have the time or the patience to be able to do a deal like this.
11:47Most of the others are going to be a certain tariff and we're going to keep it as low as we can.
11:54They're generally smaller countries or countries where don't do much business with.
12:00But that they've already received to a large extent.
12:03They've received a letter.
12:04They'll probably receive a letter of clarification or a confirmation type letter, which will go out sometime during this week prior to August 1st.
12:15And the tariffs will start being paid by those countries prior to August, you know, on August 1st and beyond.
12:23Oh, you've got to be kidding with that.
12:32No, had nothing to do with it.
12:34Only you would think that.
12:35That had nothing to do with it.
12:37I think everybody's going to be happy with this.
12:55The Prime Minister of the UK, while he's not involved in this, will be very happy because, you know, there's a certain unity that's been brought there, too.
13:05You know, we have a separate deal with them.
13:08But I think everybody's going to he's going to be very happy to know.
13:11Look, he's friendly with all of you.
13:12He's I think he's a very good, very good man.
13:15And he's going to be very happy to see what we did.
